PARIS, September 15, 2022 /CNW/ — As announced in our previous press release dated September 12, “Artmarket.com adds Ethereum and Bitcoin to its multi-currency Artprice databases in response to its customers and its near future in Web 3.0“
In the context of a severe global energy crisis (probably just beginning), Artmarket.com has been closely monitoring the transition to a fully carbon-free blockchain. This is now a reality with Ethereum 2.0 after its The Merge operation. In fact, according to its founder, Vitalik ButerinAfter 7 years of development and successful beta testing, The Merge – a move from Proof of Work (PoW) to Proof of Stake (PoS) – will reduce the energy consumption of the ETH blockchain by over 99.95%, (source : https://ethereum.foundation/).
Even before the transition was even rolled out, Ethereum (ETH) managed to attract the interest of web-2 giant Google, whose web-3 team, motivated by Ethereum’s initiative, rushed to publish a doodle that Displayed a countdown to The Merge transition. Google’s move represents a great victory for the cryptocurrency and a hugely beneficial consecration for Ethereum 2.0.
In a global context where concerns about the so-called “energy war” and global warming are reaching paroxysmal proportions, this news is absolutely vital. As a result of this initiative, the Central Bank of Norway – a country where ecological issues are top priorities – has announced that it will build its MNBC (central bank digital currency) on top of Ethereum. Meanwhile, Bank of America now sees Ethereum as a virtuous investment, calling it a “green giant.”
The art market can only benefit from “The Merge”. The French Newspaper Le Parisien reports Joe Lubinco-creator of Ethereum, with the words “Many digital artists and art collectors were reluctant to acquire digital works that required the burning of so much fossil fuel to produce… With this transition, those concerns are receding and interesting projects are about to begin with the production of the very first chain blocks after ” the fusion”. It will be one release enormous amounts of creative energy.“
Lubin adds: “It won’t directly affect Russian gas or petrol prices, but it will send a powerful message to the world if we replace very energy-intensive mining with a structure that uses the electricity it takes to make a cup of coffee. It is a profound change that will take place just like an automatic smartphone update.“
Artmarket.com therefore expects an exponential growth of artistic creation and in particular the art NFT market. A number of famous artists have already turned to art NFTs, as have a number of major art museums. Over the past year, Artmarket.com has expressed its preference for the Ethereum 2.0 blockchain, particularly during its AGM and in its various financial press releases, and it has deployed all of its IT and human resources to confirm its success with NFTs and Metaverse sites represents the backbone of Web 3.0. The world-renowned Museum of Modern Art (MoMA) is considering an upcoming sale for around 70 million dollars of artworks through Sotheby’s, with the opportunity to invest the proceeds from these sales in buying NFTs, on the advice of a team of experts in charge of following the NFT markets and finding the most promising artists there.
According to Thierry Ehrmann, CEO and founder of Artprice by Artmarket, “In the history of cryptocurrencies, The Merge operation, this September 15, 2022represents a founding and irrevocable date for Web 3.0 and for art NFTs, and it could well be a “flip” as Ethereum overtakes Bitcoin in terms of market cap in the coming months.“
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Artmarket and its Artprice division were founded in 1997 by its CEO, Thierry Ehrmann. Artmarket and its Artprice division are controlled by Groupe Serveur, founded in 1987.
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Artmarket is a global player in the art market, including with its Artprice division, a world leader in the collection, management and exploitation of historical and current art market information in databases of over 30 million indices and auction results, covering more than 787,000 artists.
Artprice by Artmarket, the world’s leading provider of art market information, aims to become the world’s leading NFT platform for fine arts through its Global Standardized Marketplace.
Artprice Images® allows unlimited access to the world’s largest image database for the art market: no less than 180 million digital images of photographs or engraved reproductions of works of art from 1700 to the present day, annotated by our art historians.
Artmarket, with its Artprice department, constantly collects data from 6,300 auction houses and produces key information on the art market for the most important press and media agencies (7,200 publications). Its 5.4 million (“login members” + social media) users have access to ads posted by other members, a network that today is the leading Global Standardized Marketplace® to buy artworks at a fixed or offer price and to sell (auctions regulated by paragraphs 2 and 3 of article L 321.3 of of France commercial code).
Artmarket, with its Artprice department, has been awarded the State Label “Innovative Company” by the Public Investment Bank (BPI) (for the second time in Nov 2018 for a new term of 3 years), which supports the company in its plan to consolidate its position as a global player in the field of market art.
Artprice Semi-Annual Report 2022: The art market returns to strong growth in the West:
Artprice by Artmarket Global Art Market Report 2020 published in March 2022:
Artprice’s Contemporary Art Market Report 2020/21 from Artmarket.com:
Index of press releases published by Artmarket with its Artprice department:
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